WaveAnalysis
Short

XAUUSD Short Trade Setup

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello traders.

I'm waiting for breakout to take short trade, because I'm expexting a big down move in higher degree, so it will make a weekly regular flat corrective structure. As you can see there is a possibility for one more up side for bigger correction before it came down. I think taking the trade is good idea, but stoploss should be moved to breakeven when it breaks last bottom to avoid losing money.



If you think this is a valid forecast and good trade setup, please hit the like button.
I appriciate that if you leave a comment and let me know what do you think about this idea.

Trade with care...
Comment: It made a bigger corrective structure, but in my opinion it is still a corrective structure. So, I'm keep looking for short trade setups. I start to wait a correction after small drop in order to take short trade. In the mean time I have an entry order below previous bottom.
Trade active
Comment: It broke the previous bottom. Move stoploss to breakeven. If a down impulse is in the making, otherwise it can reverse.
Comment: Typo in the previous comment.

It broke the previous bottom. Move stoploss to breakeven. If a down impulse is in the making it should go down, otherwise, it can reverse.
Comment: I closed half of my trade. It reached my target and I'm looking for upside for the bigger correction. Just in case I decided to keep half of it because it can keep going down.
Comment: The second half of the trade stopped out with break even. So, it was a nice trade and some profit. I'm looking for sort trade setups again.
Bounce at 1270ish rising support looks like most likely if we get a final bottoming before the next v bullish move up and away... Will be watching main markets (Bonds and Equities) and impact on DXY to time/price the trade as expect market correction will drag gold down with it a bit initially but not for long...
Reply
WaveAnalysis peterhowitt
@peterhowitt, Up move is possible, and that up can break previous top and reach around 1400. But for now, I think completion of weekly regular flat corrective pattern should be cosidered as a most likely scenario.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out